Ocean Bio Chem (OBCI) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	OCEAN BIO CHEM INC
Entity Central Index Key	350,737
Trading Symbol	OBCI
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,227,843

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 868,070	$ 4,070,445
Trade accounts receivable less allowances of approximately $95,000 and $75,000, respectively	6,247,987	4,931,792
Receivables due from affiliated companies	1,310,846	1,190,103
Inventories, net	10,208,993	8,600,689
Prepaid expenses and other current assets	732,570	1,013,952
Total Current Assets	19,368,466	19,806,981
Property, plant and equipment, net	6,977,248	4,895,973
Intangible assets, net	932,548	967,688
Total Assets	27,278,262	25,670,642
Current Liabilities:
Current portion of long-term debt	56,462	278,392
Accounts payable - trade	2,229,855	1,512,020
Income taxes payable	26,555	1,447
Accrued expenses payable	1,242,341	1,099,919
Total Current Liabilities	3,555,213	2,891,778
Deferred tax liability	243,386	213,367
Long-term debt, less current portion	40,851	50,426
Total Liabilities	3,839,450	3,155,571
Commitments
Shareholders' Equity:
Common stock - $.01 par value, 12,000,000 shares authorized; 9,158,243 and 9,146,937 shares issued and outstanding	91,582	91,469
Additional paid in capital	9,621,881	9,604,634
Accumulated other comprehensive loss	(287,355)	(286,555)
Retained earnings	14,012,704	13,105,523
Total Shareholders' Equity	23,438,812	22,515,071
Total Liabilities and Shareholders' Equity	$ 27,278,262	$ 25,670,642

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Consolidated Balance Sheets [Abstract]
Trade accounts receivable less allowances	$ 95,000	$ 75,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	9,158,243	9,146,937
Common stock, shares outstanding	9,158,243	9,146,937

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 9,902,717	$ 8,724,343	$ 18,294,696	$ 15,474,423
Cost of goods sold	5,624,496	5,053,439	10,881,758	9,421,576
Gross profit	4,278,221	3,670,904	7,412,938	6,052,847
Operating Expenses:
Advertising and promotion	893,966	869,648	1,742,324	1,585,520
Selling and administrative	1,983,838	1,793,962	3,527,861	4,279,825
Total operating expenses	2,877,804	2,663,610	5,270,185	5,865,345
Operating income	1,400,417	1,007,294	2,142,753	187,502
Other expense
Interest, net (expense)	(942)	(4,913)	(2,890)	(10,797)
Income before income taxes	1,399,475	1,002,381	2,139,863	176,705
Provision for income taxes	(446,963)	(345,840)	(683,427)	(60,966)
Net income	$ 952,512	$ 656,541	$ 1,456,436	$ 115,739
Earnings per common share - basic and diluted	$ 0.10	$ 0.07	$ 0.16	$ 0.01
Dividends declared per common share	$ 0.06		$ 0.06	$ 0.06

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 952,512	$ 656,541	$ 1,456,436	$ 115,739
Foreign currency translation adjustment	759	(2,540)	(800)	(206)
Comprehensive income	$ 953,271	$ 654,001	$ 1,455,636	$ 115,533

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 1,456,436	$ 115,739
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	487,442	491,495
Deferred income taxes	30,019	(32,786)
Stock based compensation	17,360
Other operating non-cash items	31,413	92,334
Changes in assets and liabilities:
Trade accounts receivable	(1,336,219)	(480,437)
Receivables due from affiliated companies	(120,743)	(21,589)
Inventories	(1,614,440)	(966,496)
Prepaid expenses and other current assets	281,382	59,016
Accounts payable	717,835	685,758
Income taxes payable	25,108	79,338
Accrued expenses payable	142,422	211,204
Net cash provided by operating activities	118,015	233,576
Cash flows from investing activities:
Purchases of property, plant and equipment	(2,533,577)	(157,335)
Net cash used in investing activities	(2,533,577)	(157,335)
Cash flows from financing activities:
Payments on long-term debt	(231,505)	(225,167)
Dividends paid to common shareholders	(549,255)	(540,531)
Proceeds from exercise of stock options		21,600
Net cash used in financing activities	(780,760)	(744,098)
Effect of exchange rates on cash	(6,053)	(4,985)
Net decrease in cash	(3,202,375)	(672,842)
Cash at beginning of period	4,070,445	2,468,415
Cash at end of period	868,070	1,795,573
Supplemental disclosure of cash flow information:
Cash paid for interest during period	3,546	11,430
Cash paid for income taxes during period	$ 628,300

Summary of Accounting Policies

Summary of Accounting Policies	6 Months Ended
	Jun. 30, 2017
Summary of Accounting Policies [Abstract]
SUMMARY OF ACCOUNTING POLICIES	1. SUMMARY OF ACCOUNTING POLICIES Interim reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly-owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain prior period data have been reclassified to conform to the current period presentation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X, promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Use of estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted by the Company In November 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The guidance under ASU 2015-17 is designed to simplify the presentation of deferred tax assets and liabilities within the balance sheet by requiring generally that all deferred tax assets and liabilities be classified as non-current. Under previously applicable guidance, an entity was required to separate deferred tax liabilities and assets into a current amount and a noncurrent amount. The Company adopted this guidance in the quarter ended September 30, 2016, retrospectively to January 1, 2016. I Inventory” (Topic 330) Accounting Guidance Not Yet Adopted by the Company In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, "Revenue from Contracts with Customers (Topic 606).” ASU 2014-09, which has been modified on several occasions, provides new guidance designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance also requires disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. We do not expect this new standard to have a material impact on the amount and timing of our revenue recognition. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases.” Generally, under ASU 2016-02, lessees will be required to recognize, at the commencement date of each lease having a term of more than 12 months, both a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, initially measured at the present value of the lease payments, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of the underlying asset for the lease term. Leases will be classified as either finance or operating; the classification will affect the manner of reporting expenses and cash flows. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. .The guidance must be adopted using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The guidance provides certain practical expedients. The Company is currently evaluating this guidance to determine its impact on the Company’s financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
INVENTORIES	3. INVENTORIES The following table provides information regarding the composition of the Company’s inventories at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Raw materials $ 4,118,234 $ 3,633,641 Finished goods 6,365,054 5,235,207 Inventories, gross 10,483,288 8,868,848 Inventory reserves (274,295 ) (268,159 ) Inventories, net $ 10,208,993 $ 8,600,689 The inventory reserves shown in the table above reflect slow moving and obsolete inventory. The Company manages an inventory program for one of its customers to improve the promotion of the Company's products. The Company manages the inventory levels at the customer’s warehouses and recognizes revenue as the products are sold by the customer. The inventories managed at the customer’s warehouses amounted to approximately $538,000 and $551,000 at June 30, 2017 and December 31, 2016, respectively, and are included in inventories, net on the condensed consolidated balance sheets.

Property, Plant & Equipment

Property, Plant & Equipment	6 Months Ended
	Jun. 30, 2017
Property, Plant & Equipment [Abstract]
PROPERTY, PLANT & EQUIPMENT	4. PROPERTY, PLANT & EQUIPMENT The following table provides information regarding the composition of the Company’s property, plant and equipment at June 30, 2017 and December 31, 2016: Estimated Useful Life June 30, 2017 December 31, 2016 Land $ 278,325 $ 278,325 Building and improvements 30 years 4,652,669 4,652,669 Manufacturing and warehouse equipment 6-20 years 9,562,480 9,239,876 Office equipment and furniture 3-5 years 1,354,549 1,344,732 Leasehold improvements 10-15 years 558,666 558,666 Vehicles 3 years 10,020 10,020 Construction in process 2,547,055 387,417 Property, plant and equipment, gross 18,963,764 16,471,705 Less accumulated depreciation (11,986,516 ) (11,575,732 ) Property, plant and equipment, net $ 6,977,248 $ 4,895,973 Construction in progress includes $2,506,000 relating to the expansion of the manufacturing, warehouse and distribution facilities of the Company’s wholly-owned subsidiary, Kinpak, Inc. (“Kinpak”), in Montgomery, Alabama. The Company estimates that the total cost of this expansion project will be approximately $4.7 million, and the project will be completed and placed into service during the first quarter of 2018.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2017
Intangible Assets [Abstract]
INTANGIBLE ASSETS	5. INTANGIBLE ASSETS The Company’s intangible assets at June 30, 2017 and December 31, 2016 consisted of the following: June 30, 2017 Intangible Assets Cost Accumulated Net Patents $ 622,733 $ 361,468 $ 261,265 Trade names and trademarks 1,131,125 549,561 581,564 Royalty rights 160,000 70,281 89,719 Total intangible assets $ 1,913,858 $ 981,310 $ 932,548 December 31, 2016 Intangible Assets Cost Accumulated Net Patents $ 622,733 $ 335,300 $ 287,433 Trade names and trademarks 1,131,125 549,561 581,564 Royalty rights 160,000 61,309 98,691 Total intangible assets $ 1,913,858 $ 946,170 $ 967,688 At June 30, 2017 and December 31, 2016, the trade names and trademarks are considered indefinite-lived (the Star brite® trade name and trademark initially was deemed to have an estimated useful life of 40 years until, pursuant to ASC Topic 350, “Intangibles-Goodwill and Other”, the Company determined that the assets had indefinite lives. The patents (the most significant of which (the “ClO2 Patents”) relate to a device for producing chlorine dioxide (ClO2) that is incorporated into the Company’s disinfectant, sanitizer and deodorizer products) had a carrying value, net of amortization, of $261,265 at June 30, 2017 (of which $257,239 is attributable to the ClO2 Patents). The ClO2 Patents expire in 2022 and the other patents expire in 2021. The royalty rights (which the Company purchased from an unaffiliated entity that previously owned the ClO2 Patents and retained the royalty rights after selling the patents) expire in December 2021 and are amortized on a straight line basis over their remaining useful lives. Amortization expense related to intangible assets was $17,570 ($13,084 attributable to the patents and $4,486 attributable to the royalty rights) for each of the three months ended June 30, 2017 and 2016, and $35,140 ($26,168 attributable to the patents and $8,972 attributable to the royalty rights) for each of the six months ended June 30, 2017 and 2016.

Revolving Line of Credit

Revolving Line of Credit	6 Months Ended
	Jun. 30, 2017
Revolving Line of Credit and Long Term Debt [Abstract]
REVOLVING LINE OF CREDIT	6. REVOLVING LINE OF CREDIT On November 17, 2016, the Company and Regions Bank entered into a Business Loan Agreement (the “Business Loan Agreement”), under which the Company was provided a revolving line of credit. Under the Business Loan Agreement, the Company may borrow up to the lesser of (i) $4 million or (ii) a borrowing base equal to 85% of Eligible Accounts (as defined in the Business Loan Agreement; generally, accounts receivable from unaffiliated entities containing selling terms and conditions acceptable to Regions Bank, subject to specified exceptions) plus 50% of Eligible Inventory (as defined in the Business Loan Agreement). Interest on amounts borrowed under the revolving line of credit is payable monthly at the 30 day LIBOR rate plus 1.50% per annum, computed on a 365/360 basis. The interest rate will be increased an additional 2.0% if an event of default occurs. Outstanding amounts under the revolving line of credit are payable on demand. If no demand is made, the Company may repay and reborrow funds from time to time until expiration of the revolving line of credit on August 31, 2017, at which time all outstanding principal and interest will be due and payable. The Company’s obligations under the revolving line of credit are secured by, among other things, the Company’s accounts receivable and inventory and, as a result of cross-collateralization of the Company’s obligations under the term loan described in Note 7 and the revolving line of credit, real property and equipment at Kinpak’s Montgomery, Alabama facility. The Business Loan Agreement includes financial covenants requiring that the Company maintain a minimum debt service coverage ratio (generally, EBITDAR (net operating profit plus depreciation, amortization and rent/lease expense) divided by the sum of current maturities of long-term debt, interest and rent /lease expense) of 1.75 to 1.00, calculated on a trailing twelve month basis, and a maximum debt to capitalization ratio (generally, funded debt divided by the sum of total net worth and funded debt) of 0.75 to 1.00, calculated quarterly. For the twelve months ended June 30, 2017, the Company’s debt service coverage ratio was approximately 37.42 to 1.00 and at June 30, 2017, the Company’s debt to capitalization ratio was approximately 0.00 to 1.00. The revolving line of credit is subject to several events of default, including a decline in the majority shareholder’s ownership below 50% of all outstanding shares. At June 30, 2017 and December 31, 2016, the Company was in compliance with all its debt covenants. At June 30, 2017 and December 31, 2016, the Company had no borrowings under the revolving line of credit. On July 18, 2017, the Company borrowed $1,000,000 under the revolving line of credit. The loan agreement related to the revolving line of credit terminates on August 31, 2017. The Company is engaged in negotiations with its principal lending bank regarding a new revolving credit facility, and expects to negotiate an agreement for a renewal or replacement of the facility on acceptable terms. However, there is no assurance that the Company’s negotiations will be successful.

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 2017
Revolving Line of Credit and Long Term Debt [Abstract]
LONG TERM DEBT	7. LONG TERM DEBT On July 6, 2011, in connection with a credit agreement among the Company, Kinpak, Regions Bank and Regions Equipment Finance Corporation (“REFCO”), an Equipment Finance Addendum to the credit agreement (the “Addendum”) was entered into by the Company, Kinpak and REFCO. Under the Addendum, REFCO provided to the Company a $2,430,000 term loan with a fixed interest rate of 3.54% per annum. Principal and interest on the term loan are payable in equal monthly installments of $37,511 through July 6, 2017, the date the term loan matures. In the event the Company’s debt service coverage ratio falls to or below 2.00 to 1.00, interest on the term loan will increase to 4.55% per annum. The proceeds of the term loan were used to pay Kinpak’s remaining obligations under a lease agreement relating to industrial revenue bonds used to fund the expansion of Kinpak’s facilities and acquisition of related equipment. At June 30, 2017, approximately $37,000 was outstanding under the term loan. The Company paid the remaining balance under the term loan on July 6, 2017. At June 30, 2017 and December 31, 2016, the Company was obligated under capital lease agreements covering equipment utilized in the Company’s operations. The capital leases, aggregating approximately $60,000 and $69,000 at June 30, 2017 and December 31, 2016, respectively, mature on July 1, 2020 and carry an interest rate of 2%. The following table provides information regarding the Company’s long term debt at June 30, 2017 and December 31, 2016: Current Portion Long Term Portion June 30, December 31, 2016 June 30, December 31, Term loan $ 37,400 $ 259,503 $ --- $ --- Capitalized equipment leases 19,062 18,889 40,851 50,426 Total long term debt $ 56,462 $ 278,392 $ 40,851 $ 50,426 Required principal payments under the Company’s long term obligations are set forth below: 12 month period ending June 30, 2018 $ 56,462 2019 19,414 2020 19,773 2021 1,664 Total $ 97,313 On June 27, 2017, the Company entered into a commitment letter with Regions Capital Advantage, Inc. (“Regions Capital”), a subsidiary of Regions Financial Corporation. Under the commitment letter, Regions Capital will purchase a bond in an amount of up to $4,500,000 from the Industrial Development Board of the City of Montgomery, Alabama (the “IDB”). The proceeds of the bond purchase will be used principally to fund the expansion of Kinpak's manufacturing, warehouse, and distribution facilities. The commitment letter contemplates that the amounts due under the bond will be funded by Kinpak’s payments to the IDB under a capital lease agreement between Kinpak and the IDB relating to the facilities. Completion of the proposed financing is subject to several conditions, including, among others, preparation of acceptable financing documents and the IDB’s approval of the issuance of the bond and its entry into related agreements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS During the three and six months ended June 30, 2017 and 2016, the Company sold products to companies affiliated with Peter G. Dornau, the Company’s Chairman, President and Chief Executive Officer. The affiliated companies distribute the Company’s products outside of the United States and Canada. The Company also provides administrative services to these companies. Sales to the affiliated companies aggregated approximately $539,000 and $460,000 during the three months ended June 30, 2017 and 2016, respectively, and approximately $1,286,000 and $1,006,000 for the six months ended June 30, 2017 and 2016, respectively. Administrative fees aggregated approximately $232,000 and $179,000 during the three months ended June 30, 2017 and 2016, respectively, and approximately $380,000 and $302,000 for the six months ended June 30, 2017 and 2016, respectively. The Company had accounts receivable from the affiliated companies in connection with the product sales and administrative services aggregating approximately $1,311,000 and $1,190,000 at June 30, 2017 and December 31, 2016, respectively. An entity that is owned by the Company’s Chairman, President and Chief Executive Officer provides several services to the Company. Under this arrangement, the Company paid the entity $10,500 for research and development services for each of the three month periods ended June 30, 2017 and 2016, and $21,000 for such services during each of the six month periods ended June 30, 2017 and 2016. The research and development expenses are included in the Company’s statements of operations for the three and six months ended June 30, 2017 and 2016 as a selling and administrative expense. In addition, during the three and six months ended June 30, 2017, the Company paid this entity $0 and $45,000, respectively, for providing charter boat services for entertainment of Company customers. The charter boat services are included in the Company’s statement of operations for the six months ended June 30, 2017 as an advertising and promotion expense. During the three and six months ended June 30, 2016, the Company paid this entity $25,000 for the production of television commercials and $9,000 for providing charter boat services for entertainment of Company customers. The $25,000 for the production of television commercials was expensed on a straight line basis from May 2016 to March 2017 as an advertising and promotion expense, and the $9,000 for charter boat services was included in the Company’s statement of operations for the three and six months ended June 30, 2016, as an advertising and promotion expense. The Company leases office and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by its Chairman, President and Chief Executive Officer. See Note 9 for a description of the lease terms. A director of the Company is Regional Executive Vice President of an insurance broker through which the Company has sourced most of its general and liability insurance needs and commencing in 2017, its health insurance. During the three months ended June 30, 2017 and 2016, the Company paid an aggregate of approximately $244,000 and $121,000, respectively, and during the six months ended June 30, 2017 and 2016, the Company paid an aggregate of approximately $439,000 and $181,000, respectively, in insurance premiums on policies obtained through the insurance broker.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments [Abstract]
COMMITMENTS	9. COMMITMENTS The Company leases its executive offices and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by Peter G. Dornau, the Company’s Chairman, President and Chief Executive Officer. The lease, as extended, expires on December 31, 2023. The lease requires an annual minimum rent of $94,800 and provides for a maximum annual 2% increase in subsequent years, although the entity has not raised the minimum rent since the Company entered into a previous lease agreement with the leasing entity in 1998. Additionally, the leasing entity is entitled to reimbursement of all taxes, assessments, and any other expenses that arise from ownership. Each of the parties to the lease has agreed to review the terms of the lease every three years at the request of the other party. Rent expense under the lease was approximately $25,000 for each of the three months ended June 30, 2017 and 2016 and was approximately $49,000 for each of the six month periods ended June 30, 2017 and 2016. The Company also leases a 15,000 square foot warehouse, from an unrelated third party in Montgomery, AL near its Kinpak manufacturing facility for the purpose of fabricating and assembling brushes used for cleaning boats, automobiles, and recreational vehicles. The lease commenced on August 1, 2016 and expires on July 31, 2018. Monthly rent of $4,375 is payable under the lease.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share reflect additional dilution from potential common stock issuable upon the exercise of outstanding stock options. The following table sets forth the computation of basic and diluted earnings per common share, as well as a reconciliation of the weighted average number of common shares outstanding to the weighted average number of shares outstanding on a diluted basis. . Three Months Ended Six Months Ended 2017 2016 2017 2016 Earnings per common share – Basic Net income $ 952,512 $ 656,541 $ 1,456,436 $ 115,739 Weighted average number of common shares outstanding 9,154,768 9,008,855 9,150,874 8,997,357 Earnings per common share – Basic $ 0.10 $ 0.07 $ 0.16 $ 0.01 Earnings per common share – Diluted Net income $ 952,512 $ 656,541 $ 1,456,436 $ 115,739 Weighted average number of common shares outstanding 9,154,768 9,008,855 9,150,874 8,997,357 Dilutive effect of employee stock-based awards 66,807 47,931 69,097 53,061 Weighted average number of common shares outstanding - Diluted 9,221,575 9,056,786 9,219,971 9,050,418 Earnings per common share – Diluted $ 0.10 $ 0.07 $ 0.16 $ 0.01 The Company had no stock options outstanding during each of the three and six month periods ended June 30, 2017 and 2016, respectively, that were antidilutive and therefore not included in the diluted earnings per common share calculation.

Securities Authorized for Issua

Securities Authorized for Issuance under Equity Compensation Plans	6 Months Ended
	Jun. 30, 2017
Securities Authorized for Issuance under Equity Compensation Plans [Abstract]
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS	11. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS On April 18, 2017, a former director exercised a stock option to purchase 10,000 shares of stock. The Company withheld 2,694 shares in connection with the net exercise feature of the stock option and delivered 7,306 shares to the former director. On May 19, 2017, as part of the Company’s regular compensation for its non-employee directors, the Company issued to the directors stock awards, aggregating 4,000 shares of Company common stock, under the Ocean Bio-Chem, Inc. 2015 Equity Compensation Plan. Stock compensation expense during the three and six months ended June 30, 2017 was $17,360, all of which relates to the shares issued to our non-employee directors. The Company had no stock compensation expense during the three and six months ended June 30, 2016. At June 30, 2017, there was no unrecognized compensation expense related to stock The following table provides information regarding outstanding stock options under the Company’s stock option plans at June 30, 2017. As used in the table below, “2002 NQ” refers to the Company’s 2002 Non-Qualified Stock Option Plan and “2008 NQ” refers to the Company’s 2008 Non-Qualified Stock Option Plan. Plan Date Granted Shares Underlying Options Outstanding Shares Underlying Exercisable Options Exercise Price Expiration Date Weighted Average Remaining Term 2002NQ 12/17/07 30,000 30,000 $ 1.32 12/16/17 0.5 2008NQ 1/11/09 40,000 40,000 $ 0.69 1/10/19 1.6 2008NQ 4/26/10 20,000 20,000 $ 2.07 4/25/20 2.9 90,000 90,000 $ 1.21 1.5

Cash Dividends

Cash Dividends	6 Months Ended
	Jun. 30, 2017
Cash Dividends [Abstract]
CASH DIVIDENDS	12. CASH DIVIDENDS On April 13, 2017, the Company’s Board of Directors declared a special cash dividend of $0.06 per common share payable on May 11, 2017 to all shareholders of record on April 27, 2017. On April 27, 2017, there were 9,154,243 shares of common stock outstanding; therefore, dividends aggregating $549,255 were paid on May 11, 2017. On March 25, 2016, the Company’s Board of Directors declared a special cash dividend of $0.06 per common share payable on April 26, 2016 to all shareholders of record on April 12, 2016. On April 12, 2016, there were 9,008,855 shares of common stock outstanding; therefore, dividends aggregating $540,531 were paid on April 26, 2016.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Event [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On July 15, 2017, the Company issued 69,600 shares of common stock (net of 5,500 shares retained by the Company due to recipients’ tax withholding elections) to its officers, other employees and a consultant as stock awards under the Ocean Bio-Chem, Inc. 2015 Equity Compensation Plan.

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Summary of Accounting Policies [Abstract]
Interim reporting	Interim reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly-owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain prior period data have been reclassified to conform to the current period presentation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X, promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
Summary of inventories	June 30, 2017 December 31, 2016 Raw materials $ 4,118,234 $ 3,633,641 Finished goods 6,365,054 5,235,207 Inventories, gross 10,483,288 8,868,848 Inventory reserves (274,295 ) (268,159 ) Inventories, net $ 10,208,993 $ 8,600,689

Property, Plant & Equipment (Ta

Property, Plant & Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant & Equipment [Abstract]
Summary of property plant and equipment	Estimated Useful Life June 30, 2017 December 31, 2016 Land $ 278,325 $ 278,325 Building and improvements 30 years 4,652,669 4,652,669 Manufacturing and warehouse equipment 6-20 years 9,562,480 9,239,876 Office equipment and furniture 3-5 years 1,354,549 1,344,732 Leasehold improvements 10-15 years 558,666 558,666 Vehicles 3 years 10,020 10,020 Construction in process 2,547,055 387,417 Property, plant and equipment, gross 18,963,764 16,471,705 Less accumulated depreciation (11,986,516 ) (11,575,732 ) Property, plant and equipment, net $ 6,977,248 $ 4,895,973

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Intangible Assets [Abstract]
Schedule of intangible assets	June 30, 2017 Intangible Assets Cost Accumulated Net Patents $ 622,733 $ 361,468 $ 261,265 Trade names and trademarks 1,131,125 549,561 581,564 Royalty rights 160,000 70,281 89,719 Total intangible assets $ 1,913,858 $ 981,310 $ 932,548 December 31, 2016 Intangible Assets Cost Accumulated Net Patents $ 622,733 $ 335,300 $ 287,433 Trade names and trademarks 1,131,125 549,561 581,564 Royalty rights 160,000 61,309 98,691 Total intangible assets $ 1,913,858 $ 946,170 $ 967,688

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Revolving Line of Credit and Long Term Debt [Abstract]
Summary of company's long term debt	Current Portion Long Term Portion June 30, December 31, 2016 June 30, December 31, Term loan $ 37,400 $ 259,503 $ --- $ --- Capitalized equipment leases 19,062 18,889 40,851 50,426 Total long term debt $ 56,462 $ 278,392 $ 40,851 $ 50,426
Summary of principal payments under long term obligations	12 month period ending June 30, 2018 $ 56,462 2019 19,414 2020 19,773 2021 1,664 Total $ 97,313

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Summary of computation of basic and diluted earnings per common share	Three Months Ended Six Months Ended 2017 2016 2017 2016 Earnings per common share – Basic Net income $ 952,512 $ 656,541 $ 1,456,436 $ 115,739 Weighted average number of common shares outstanding 9,154,768 9,008,855 9,150,874 8,997,357 Earnings per common share – Basic $ 0.10 $ 0.07 $ 0.16 $ 0.01 Earnings per common share – Diluted Net income $ 952,512 $ 656,541 $ 1,456,436 $ 115,739 Weighted average number of common shares outstanding 9,154,768 9,008,855 9,150,874 8,997,357 Dilutive effect of employee stock-based awards 66,807 47,931 69,097 53,061 Weighted average number of common shares outstanding - Diluted 9,221,575 9,056,786 9,219,971 9,050,418 Earnings per common share – Diluted $ 0.10 $ 0.07 $ 0.16 $ 0.01

Securities Authorized for Iss26

Securities Authorized for Issuance under Equity Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Securities Authorized for Issuance under Equity Compensation Plans [Abstract]
Schedule of outstanding stock options under company's stock options plans	Plan Date Granted Shares Underlying Options Outstanding Shares Underlying Exercisable Options Exercise Price Expiration Date Weighted Average Remaining Term 2002NQ 12/17/07 30,000 30,000 $ 1.32 12/16/17 0.5 2008NQ 1/11/09 40,000 40,000 $ 0.69 1/10/19 1.6 2008NQ 4/26/10 20,000 20,000 $ 2.07 4/25/20 2.9 90,000 90,000 $ 1.21 1.5

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Summary of inventories
Raw materials	$ 4,118,234	$ 3,633,641
Finished goods	6,365,054	5,235,207
Inventories, gross	10,483,288	8,868,848
Inventory reserves	(274,295)	(268,159)
Inventories, net	$ 10,208,993	$ 8,600,689

Inventories (Details Textual)

Inventories (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Inventories (Textual)
Inventories managed at the customer's warehouses	$ 538,000	$ 551,000

Property, Plant & Equipment (De

Property, Plant & Equipment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Summary of property, plant and equipment
Land	$ 278,325	$ 278,325
Building and improvements	4,652,669	4,652,669
Manufacturing and warehouse equipment	9,562,480	9,239,876
Office equipment and furniture	1,354,549	1,344,732
Leasehold improvements	558,666	558,666
Vehicles	10,020	10,020
Construction in process	2,547,055	387,417
Property, plant and equipment, gross	18,963,764	16,471,705
Less accumulated depreciation	(11,986,516)	(11,575,732)
Property, plant and equipment, net	$ 6,977,248	$ 4,895,973
Building and improvements [Member]
Summary of property, plant and equipment
Estimated Useful Life	30 years
Manufacturing and warehouse equipment [Member] | Minimum [Member]
Summary of property, plant and equipment
Estimated Useful Life	6 years
Manufacturing and warehouse equipment [Member] | Maximum [Member]
Summary of property, plant and equipment
Estimated Useful Life	20 years
Office equipment and furniture [Member] | Minimum [Member]
Summary of property, plant and equipment
Estimated Useful Life	3 years
Office equipment and furniture [Member] | Maximum [Member]
Summary of property, plant and equipment
Estimated Useful Life	5 years
Leasehold improvements [Member] | Minimum [Member]
Summary of property, plant and equipment
Estimated Useful Life	10 years
Leasehold improvements [Member] | Maximum [Member]
Summary of property, plant and equipment
Estimated Useful Life	15 years
Vehicles [Member]
Summary of property, plant and equipment
Estimated Useful Life	3 years

Property, Plant & Equipment (30

Property, Plant & Equipment (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Property, Plant & Equipment (Textual)
Construction in progress	$ 2,547,055	$ 387,417
Construction in progress [Member]
Property, Plant & Equipment (Textual)
Construction in progress	2,506,000
Total cost of expansion project	$ 4,700,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, Cost	$ 1,913,858	$ 1,913,858
Intangible assets, Accumulated Amortization	981,310	946,170
Intangible assets, Net	932,548	967,688
Patents [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, Cost	622,733	622,733
Intangible assets, Accumulated Amortization	361,468	335,300
Intangible assets, Net	261,265	287,433
Trade names and trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, Cost	1,131,125	1,131,125
Intangible assets, Accumulated Amortization	549,561	549,561
Intangible assets, Net	581,564	581,564
Royalty rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, Cost	160,000	160,000
Intangible assets, Accumulated Amortization	70,281	61,309
Intangible assets, Net	$ 89,719	$ 98,691

Intangible Assets (Details Text

Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Intangible Assets (Textual)
Amortization expense	$ 17,570	$ 17,570	$ 35,140	$ 35,140
Net of amortization	932,548		932,548		$ 967,688
Patents [Member]
Intangible Assets (Textual)
Amortization expense	13,084	13,084	$ 26,168	26,168
Expiry date of intangible assets			2,022
Net of amortization	261,265		$ 261,265		$ 287,433
ClO2 Patents [Member]
Intangible Assets (Textual)
Net of amortization	257,239		$ 257,239
Trade names and trademarks [Member]
Intangible Assets (Textual)
Estimated useful life of intangible assets			40 years		40 years
Net of amortization	581,564		$ 581,564		$ 581,564
Royalty rights [Member]
Intangible Assets (Textual)
Amortization expense	4,486	$ 4,486	$ 8,972	$ 8,972
Expiry date of intangible assets			2,021
Net of amortization	$ 89,719		$ 89,719		$ 98,691

Revolving Line of Credit (Detai

Revolving Line of Credit (Details) - USD ($)	Nov. 17, 2016	Jun. 30, 2017	Dec. 31, 2016
Revolving Line of Credit (Textual)
Term of revolving line of credit	The Company may borrow up to the lesser of (i) $4 million or (ii) a borrowing base equal to 85% of Eligible Accounts (as defined in the Business Loan Agreement; generally, accounts receivable from unaffiliated entities containing selling terms and conditions acceptable to Regions Bank, subject to specified exceptions) plus 50% of Eligible Inventory (as defined in the Business Loan Agreement).
Maximum revolving credit line of credit provided in business loan agreement	$ 4,000,000
Percentage of eligible accounts receivables as part of borrowing base	85.00%
Percentage of eligible inventory as part of the borrowing base	50.00%
Description of interest on the revolving line of credit	30 day LIBOR rate plus 1.50% per annum.
Due date of outstanding principal and interest borrowed under revolving line of credit	Aug. 31, 2017
Financial covenants under credit agreement	A minimum debt service coverage ratio (generally, EBITDAR (net operating profit plus depreciation, amortization and rent/lease expense) divided by the sum of current maturities of long-term debt, interest and rent /lease expense) of 1.75 to 1.00, calculated on a trailing twelve month basis, and a maximum debt to capitalization ratio (generally, funded debt divided by the sum of total net worth and funded debt) of 0.75 to 1.00, calculated quarterly. For the twelve months ended June 30, 2017, the Company's debt service coverage ratio was approximately 37.42 to 1.00 and at June 30, 2017, the Company's debt to capitalization ratio was approximately 0.00 to 1.00.
Debt service coverage ratio	1.75 to 1.00	37.42 to 1.00
Debt capitalization ratio	0.75 to 1	0.00 to 1.00
Ownership requirement of majority shareholder to prevent default		The revolving line of credit is subject to several events of default, including a decline in the majority shareholder’s ownership below 50% of all outstanding shares.
Ownership percentage		50.00%
Revolving line of credit		$ 1,000,000	$ 1,000,000

Long Term Debt (Details)

Long Term Debt (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Summary of long term debt
Total long term debt, Current Portion	$ 56,462	$ 278,392
Total long term debt, Long Term Portion	40,851	50,426
Term loan [Member]
Summary of long term debt
Term loan, Current Portion	37,400	259,503
Term loan, Long Term Portion
Capitalized equipment leases [Member]
Summary of long term debt
Capitalized equipment leases, Current Portion	19,062	18,889
Capitalized equipment leases, Long Term Portion	$ 40,851	$ 50,426

Long Term Debt (Details 1)

Long Term Debt (Details 1)	Jun. 30, 2017USD ($)
Summary of principal payments under Company's long term obligations
2,018	$ 56,462
2,019	19,414
2,020	19,773
2,021	1,664
Total	$ 97,313

Long Term Debt (Details Textual

Long Term Debt (Details Textual) - USD ($)	Jun. 27, 2017	Jul. 06, 2011	Jun. 30, 2017	Dec. 31, 2016
Long Term Debt (Textual)
Term loan			$ 37,000
Aggregate capital lease			$ 60,000	$ 69,000
Maturity period for capital lease			Mature on July 1, 2020
Percentage of interest rates			2.00%
Purchase value of bond	$ 4,500,000
REFCO [Member]
Long Term Debt (Textual)
Interest rate		3.54%
Term loan maturity date		Jul. 6, 2017
Debt service coverage ratio		2.00 to 1.00
Term loan description		Term loan with a fixed interest rate of 3.54% per annum. Principal and interest on the term loan are payable in equal monthly installments of $37,511 through July 6, 2017, the date the term loan matures. In the event the Company’s debt service coverage ratio falls to or below 2.00 to 1.00, interest on the term loan will increase to 4.55% per annum.
Term loan		$ 2,430,000
Monthly installments		$ 37,511

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended		10 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016
Related Party Transactions (Textual)
Sales to the affiliated companies	$ 539,000	$ 460,000	$ 1,286,000	$ 1,006,000
Administrative fees	232,000	179,000	380,000	302,000
Receivables due from affiliated companies	1,311,000		1,311,000			$ 1,190,000
Amount paid to entity for research and development services	10,500	10,500	21,000	21,000
Insurance premiums paid	244,000	121,000	439,000	181,000
Amount paid for the production of television commercials		25,000		25,000
Entertainment of company customers	0	$ 9,000	45,000	$ 9,000
Advertising and promotion expense	$ 9,000		$ 9,000		$ 25,000

Commitments (Details)

Commitments (Details)	Aug. 01, 2016USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)
Commitments (Textual)
Area of rent leases | ft²		15,000		15,000
Fort Lauderdale Florida Facility [Member]
Commitments (Textual)
Extended expiration date of lease				Dec. 31, 2023
Minimum base rent				$ 94,800
Maximum annual percentage increase in base rent				2.00%
Period to review term of lease				3 years
Rent expense under the lease		$ 25,000	$ 25,000	$ 49,000	$ 49,000
Kinpak Manufacturing Facility [Member]
Commitments (Textual)
Monthly rent	$ 4,375
Expiration date	Jul. 31, 2018

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings per common share - Basic
Net income	$ 952,512	$ 656,541	$ 1,456,436	$ 115,739
Weighted average number of common shares outstanding	9,154,768	9,008,855	9,150,874	8,997,357
Earnings per common share - Basic	$ 0.10	$ 0.07	$ 0.16	$ 0.01
Earnings per common share - Diluted
Net income	$ 952,512	$ 656,541	$ 1,456,436	$ 115,739
Weighted average number of common shares outstanding	9,154,768	9,008,855	9,150,874	8,997,357
Dilutive effect of employee stock-based awards	66,807	47,931	69,097	53,061
Weighted average number of common shares outstanding - Diluted	9,221,575	9,056,786	9,219,971	9,050,418
Earnings per common share - Diluted	$ 0.10	$ 0.07	$ 0.16	$ 0.01

Securities Authorized for Iss40

Securities Authorized for Issuance under Equity Compensation Plans (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Summary of outstanding options, exercisable options, exercise price, expiration date, weighted average remaining life under company stock option plans
Shares Underlying Options Outstanding	90,000
Shares Underlying Exercisable Options	90,000
Exercise Price | $ / shares	$ 1.21
Weighted Average Remaining Term	1 year 6 months
2002NQ One [Member]
Summary of outstanding options, exercisable options, exercise price, expiration date, weighted average remaining life under company stock option plans
Date Granted	Dec. 17, 2007
Shares Underlying Options Outstanding	30,000
Shares Underlying Exercisable Options	30,000
Exercise Price | $ / shares	$ 1.32
Expiration Date	Dec. 16, 2017
Weighted Average Remaining Term	6 months
2008NQ One [Member]
Summary of outstanding options, exercisable options, exercise price, expiration date, weighted average remaining life under company stock option plans
Date Granted	Jan. 11, 2009
Shares Underlying Options Outstanding	40,000
Shares Underlying Exercisable Options	40,000
Exercise Price | $ / shares	$ 0.69
Expiration Date	Jan. 10, 2019
Weighted Average Remaining Term	1 year 7 months 6 days
2008NQ Two [Member]
Summary of outstanding options, exercisable options, exercise price, expiration date, weighted average remaining life under company stock option plans
Date Granted	Apr. 26, 2010
Shares Underlying Options Outstanding	20,000
Shares Underlying Exercisable Options	20,000
Exercise Price | $ / shares	$ 2.07
Expiration Date	Apr. 25, 2020
Weighted Average Remaining Term	2 years 10 months 25 days

Securities Authorized for Iss41

Securities Authorized for Issuance under Equity Compensation Plans (Details Textual) - USD ($)	1 Months Ended		6 Months Ended
	May 19, 2017	Apr. 18, 2017	Jun. 30, 2017	Jun. 30, 2016
Securities Authorized for Issuance under Equity Compensation Plans (Textual)
Shares of stock issued upon stock option exercised		10,000
Stock issued under 2015 Equity Compensation Plan	4,000
Stock compensation expense			$ 17,360
Number of shares withheld in connection with net exercise feature of options		2,694
Shares issued to option holders shares		7,306

Cash Dividends (Details)

Cash Dividends (Details) - USD ($)	May 11, 2017	Jun. 30, 2017	Jun. 30, 2016	Apr. 27, 2017	Apr. 13, 2017	Dec. 31, 2016	Apr. 26, 2016	Apr. 12, 2016	Mar. 25, 2016
Cash Dividends (Textual)
Common stock, shares outstanding		9,158,243		9,154,243		9,146,937		9,008,855
Dividends paid to common shareholders	$ 549,255	$ 549,255	$ 540,531
Dividends aggregating amount paid							$ 540,531
Dividends declared per common share					$ 0.06				$ 0.06

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member]	Jul. 15, 2017shares
Subsequent Event (Textual)
Common stock awards issued	5,500
Common stock issued	69,600